Global miners and steelmakers may opt for a new quarterly based iron ore pricing system in place of the existing annual negotiations to increase the volatility of steel prices and make the system more transparent.

The new system is likely to be tested by end of the year, Wall Street Journal reported, without revealing from where it got the information.

The move comes at a time when China's steel industry is planning to revamp the iron ore import business after the detention of four employees of mining firm Rio Tinto for spying.